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FXstreet.com (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ notes that the euro continues to give back some its year end related strength alongside euro-zone short rates with the EONIA rate falling back to 0.11 point from a peak of 0.45 point at the end of December.

Key Quotes

“The release of the latest euro-zone money supply report for November on Friday revealed that credit conditions have continued to remain tight. The annual growth rate of loans to non-financial corporates stood at -3.9% in November compared to -3.8% in the previous month. “

“The gradual economic recovery in the euro-zone should lead to a lagged improvement in money supply conditions although tight credit also remains a headwind to economic growth ahead.”

“The final release today of the services PMI surveys for December should confirm that the economic growth in the euro-zone appears to have strengthened modestly in Q4.”
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